Bitcoin Nears $9,000 Mark as Cryptocurrencies Continue Their Upward Trend

As the last week of April enrolls, Bitcoin continues to carry its upward trend and is almost nearing the price of $9000, while Ethereum has managed to climb over $630, according to cryptocurrency prices gathered from CoinMarketCap.

At the time of writing, Bitcoin is priced at $8,977 and as pertaining to data collected from CoinMarketCap; bitcoin’s ascendancy is approximately 38.4 percent, down from a monthly high which was around 44 percent. 

Similarly, Ethereum has been up over 5 percent over the last 24 hours and is currently being traded at $637; Litecoin was also up 2.5% to $150.47. One can confidently predict that things are looking up for the cryptocurrency and a positive upward trend is expected in the coming future.

According to crypto news, it is reported that from the top ten coins on CoinMarketCap, Bitcoin Cash and IOTA are the best performers, experiencing a gain of 9 and 10 percent respectively. Bitcoin Cash is being traded at $1,240 and IOTA is priced at around $2.08. Also, the total market cap of all digital currencies is currently nearing the $400 billion mark, at present it is worth $397 billion. The last time the total market cap was at this spot, it was back in early March.

Furthermore, crypto-users, investors, entrepreneurs and business operations can take this as a good sign to dive back into the crypto community and resume their activities. Cryptocurrencies might have had a tough start to the year but this rally we are observing since over the past two weeks shows no sign of slowing down and we are all for it.

Several reasons have been named by traders and crypto experts for the recent recovery shown by the cryptocurrency market from investors selling funds to raise money for taxes to the declaration of U.S. regulators to work on guidelines that will enable digital currencies to flourish across the nation.

The chairmen of both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission stated that many federal agencies were attempting to manage policy on digital currencies in order to protect clients. There were also discussions pertaining to the regulation of initial coin offerings.

As we have witnessed, Bitcoin has majorly struggled the past two months stuck in between a back-and-forth motion on cryptocurrency laws by South Korean regulatory officers. The situation became tense specifically when there was a ban on all anonymous trading back in January in order to increase consumer protection. Though latest reports show that South Korea has opted for a more toned-down approach on cryptocurrency regulations.

Likewise, CoinCheck, the Japanese cryptocurrency exchange which underwent the biggest hack in the industry has also successfully resumed yen transactions on Tuesday. All this has resulted in an uplift of Bitcoin’s price which is seen in the last two weeks.